Big Brother maker Endemol has been close to finanical ruin for some time now. It’s currently sitting on $4.1 billion in debt for which it does not have the cash flow to service. Lenders have been giving it extensions on loan payback with the hope that some deal between Endemol’s shareholders and Lenders could be made.

Last month US media giant Time Warner tabled two offers to buy Endemol worth 1 billion in cash. The deal was blocked by Endemol’s lenders and the company was subsequently given an extension to give it time to work out a deal with the shareholders.

Finncial Times has reported that a deal has been made between a majority of the lenders and the shareholders to effectively reduce Endemol’s debt by 80%. Ultimately this means Endemols 3 main shareholders who own 1/3 of the company each will dilute their majority control to a sub 50% stake, this in turn temporarily saves the company.

So does this mean all is good for us Big Brother Fans? we’ll not exactly.. insiders within the company say Endemol could be sold in pieces or may undergo major restructuring.. all this resulting in a uncertain future but a least for now it looks like the company’s financial are moving in the positive direction. I’m not sure if this could still affect BIG BROTHER 14. Things are looking a little more optimistic now than they were 2 months ago. Endemol still has profitable sectors which you would think will continue to do business regardless of the owner.

Endemol said on Thursday it had outperformed its 2011 budget, with year-on-year growth of around 10 per cent. It said that the company and lenders would continue to work in coming weeks on the legal implementation of the agreed restructuring plan.Financial Times (subscription required) article gives a in depth report of what is going on.